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From July 2022 through June 2023, New Jersey dispensaries sold more than $734 million in cannabis products, according to statistics from the New Jersey Cannabis Regulatory Commission. The vast majority of sales came from recreational marijuana customers, who spent over $555 million.
The sales growth comes as the number of dispensaries in New Jersey has continued to grow exponentially. Twelve dispensaries opened for recreational sales during the first and second quarters of 2023, during which sales grew about 10% per quarter.
Earth & Ivy, a recreational dispensary founded by three student-athlete alumni from the University of Pennsylvania, is set to open its doors in New Brunswick.
Located at 355 George St., the storefront will begin welcoming customers May 20 following a 9:45 a.m. ribbon-cutting ceremony.
There are at least two entities with a serious interest in operating a cannabis retail store on any of three state highways that pass through the borough, according to Township Clerk/Administrator Kevin Sluka, who says he receives 2-3 calls weekly from others inquiring about licensing, potential locations, local ordinances and other logistical matters.
On Dec. 2, the New Jersey Cannabis Regulatory Commission (CRC), the five-member state board that regulates the industry and oversees licensing, signed off on Harmony’s application to expand operations under its vertically integrated medicinal permits to include recreational sales.
As part of the approval, Harmony received a Class 1 Cultivation license for its facilities at 600 Meadowlands Parkway in Secaucus and 144 Route 94 in Lafayette, as well as a Class 2 Manufacturing license at the Lafayette site and a Class 5 Retailer license at the Secaucus location.
Ayr Wellness Inc. (CSE: AYR.A, OTCQX: AYRWF) (“Ayr” or the “Company”), a leading vertically integrated U.S. multi-state cannabis operator (“MSO”), today announces its three retail locations in New Jersey, formerly known as Garden State Dispensary, are now operating under the AYR dispensary name.
Testimony gathered this week during three public hearings by the state Cannabis Regulatory Commission will help determine how officials will invest social equity fees raised from legal weed sales.
Advocates offered plenty of suggestions for the money, from buying baby bonds for low-income newborns and funding Black maternal health care centers to supporting reentry services for people leaving prison and creating a fund to help people harmed by the war on drugs.
Ascend Fort Lee will be open for recreational weed order pick-ups on Thursday, NJ Advance Media has been told exclusively by the multi-state operator that owns the dispensary.
This dispensary received its site approval from the Fort Lee Planning Board late Monday, the last step the firm needed to begin adult weed sales and become the 21st store in New Jersey to offer recreational adult weed.
Ascend Wellness Holdings Inc. plans to launch adult-use cannabis sales at its dispensary in Fort Lee.
After the Fort Lee Planning Board memorialized its decision Nov. 14 to allow Ascend to begin operating as a cannabis retail establishment, the multistate operator announced it will start welcoming recreational-use customers Nov. 17 at its West Street shop.
Since opening the 3,400-square-foot dispensary in August, Ascend Fort Lee has served only medical cannabis patients while the company pursued the necessary state and local approvals to expand into retail cannabis.
A recently published industry report warns that New Jersey’s limited number of legal, licensed and regulated cannabis dispensaries may harm the state’s ability to curtail the illicit cannabis marketplace.
Of the 14 states across the U.S. with legalized adult-use markets, New Jersey – with a population of 9.2 million – had the fewest stores per capita, coming in at 0.3 dispensaries per 100,000 people, according to a study done in partnership between cannabis use and education website Leafly.com and research firm Whitney Economics.
Verano Holdings Corp. VRNOF VRNO released its financial results for the third quarter ended September 30, 2022, revealing revenue increased 2% versus the prior quarter and 10% year-over-year to $228 million. Revenue growth versus the year-ago period was driven by strength from adult use sales in New Jersey.
Q3 Financial Highlights
